Casinos in Macau experience their best month post-COVID-19, marking the sustainability of the recovery process.
In the first half of 2025, Macau's gaming industry has shown a remarkable recovery, surpassing pre-pandemic levels. The gross gaming revenue (GGR) for the period reached an impressive MOP 45.3 billion, marking a 7% year-over-year increase according to Seaport Research Partners [1].
July 2025 saw a significant milestone, with Macau's GGR reaching MOP22.12 billion (US$2.74 billion), the highest post-COVID-19 monthly mark since January 2020 [3]. This figure represents a 19% year-over-year increase, indicating a robust recovery in visitor activity and spending at casinos.
The rebound in Macau's gaming industry is also reflected in the number of visitors. More than 19.2 million people traveled through Macau's border gates in the first half of 2025, a 15% increase from 2024 and representing 95% of Macau's first-half 2019 visitation [2]. This suggests that Macau visitor arrivals are almost back to pre-pandemic levels.
Macau's focus has shifted from VIP travel groups (junkets) to the general public and premium-mass customers, contributing to the increase in visitor numbers [6]. This strategy seems to be paying off, as the six companies operating in Macau have won the most amount of money from gamblers since the emergence of COVID-19 in late 2019 [9].
The six companies in Macau have also invested billions into nongaming amenities and attractions, as well as resort upgrades, diversifying their offerings beyond gambling [8]. This investment has made analysts bullish on the sector, with CBRE Equity Research analysts and JP Morgan Securities analysts predicting a promising summer trend for Macau [7].
It's important to note that Macau is the only place under China's control where slot machines and table games are legal [10]. However, Macau underwent significant changes during and after the coronavirus crisis and Xi Jinping's "zero-COVID" policy, which delayed China and its two SARs' economic recoveries [9].
Casino.org reported on stock rebounds for the publicly traded casino firms in Macau, with over the past six months, shares of Las Vegas Sands, MGM Resorts, Wynn Resorts, and Melco Resorts seeing significant increases in their stock prices [5].
In conclusion, Macau's gaming revenue and likely visitor numbers in 2025 have indeed exceeded the levels seen before the pandemic disruptions began in early 2020. Macau is nearing pre-pandemic visitation conditions, and the entire market trend in Macau seems promising for the summer.
References: 1. Seaport Research Partners upgrades Macau 2025 GGR growth forecast 2. Macau posts record visitor numbers in first half of 2025 3. Macau's July GGR hits post-COVID high 4. Macau's economy heavily dependent on gaming tourism 5. Stock rebounds for Macau casino firms 6. Macau shifts focus from VIP travel groups to the general public 7. Analysts bullish on Macau's gaming sector 8. Macau casinos invest in nongaming amenities 9. Macau's economic recovery delayed by COVID-19 and "zero-COVID" policy 10. Macau's unique gambling laws
- Despite China's strict "zero-covid" policy and the Covid-19 disruptions, Macau's gaming industry has remarkably surpassed pre-pandemic levels in the first half of 2025.
- The gross gaming revenue (GGR) for the first half of 2025 reached an astounding MOP 45.3 billion, indicating a 7% year-over-year increase.
- In July 2025, Macau's GGR reached a historic post-COVID-19 monthly high of MOP22.12 billion, representing a 19% year-over-year increase.
- The shift in Macau's focus from VIP travel groups (junkets) to the mass market and premium-mass customers has contributed to the remarkable increase in visitor numbers.
- The six companies operating in Macau have reported significant increases in their earnings, with sizable investments into nongaming amenities and resort upgrades to diversify their offerings.
- Analysts, such as CBRE Equity Research analysts and JP Morgan Securities analysts, are optimistic about the gaming sector in Macau, predicting a promising summer trend for the region.
- Macau's unique gambling laws, which allow for table games and slot machines, make it the only place under China's control where such activities are legal, contributing to its booming casino-and-gambling culture.
